Today's call is being recorded. [Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Please go ahead.Weston Tucker -- Head of Shareholder Relations Great.

Blackstone Inc (BX) reports robust financial performance with significant growth in infrastructure and private wealth, despite headwinds in real estate.

Blackstone (BX), the private equity giant, delivered stronger-than-expected Q4 earnings on Thursday, as assets under management climbed, bolstered by strong inflows and a 14% Y/Y increase in management and advisory fees.

Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.